8,643.88 TRY BIST 100 BIST 100
4.87 CNY CNY CNY
34.34 USD USD USD
37.42 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
45.07 TRY Interest Interest
75.11 USD Fossil Oil Fossil Oil
32.50 USD Silver Silver
4.45 USD Copper Copper
102.15 USD Iron Ore Iron Ore
374.00 USD Shipbreaking Scrap Shipbreaking Scrap
3,026.19 TRY Gold (gr) Gold (gr)

Chinese steel market trends

The forecast for 2023 for steel production in China is virtually unchanged and assumes an increase of 1.5% compared to the previous year.

Chinese steel market trends

In the fourth quarter of this year, there may be a reduction in production volumes in China due to market factors, which will lead to the introduction of mandatory restrictions on production. 

The forecast for 2023 for steel production in China is virtually unchanged and assumes an increase of 1.5% compared to the previous year.

Mills are bracing for production cuts due to rising raw material costs, excess flat steel inventories and an expected decline in exports. These actions are driven by low or even negative profits at domestic steel producers during the year.

Despite the decrease in steel consumption, which fell by 6%, it is still significantly higher than the indicators of new construction, which by July of this year decreased by 25% compared to the previous year.

Exports of steel products from China remain stable, supporting domestic steel consumption through other indirect supplies. Household appliances, according to analysts, will contribute to the growth of steel consumption in this sector by 12.6% this year. In the auto industry, the 7.4% year-on-year increase in production through July comes from a 74% increase in exports.

However, direct steel exports from China increased by 28% in the eight months to August this year, a major driver of China's year-on-year steel production growth.

For 2024, crude steel production in China is forecast to grow by 1% year-on-year, with growth rates slowing in subsequent years. Domestic steel demand should rise 2.1%, including a small but positive rise in construction, as high-frequency indicators point to a possible pick-up in residential property sales.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Saudi Arabia expands mining sector with 28 new licenses

Tuesday, November 5, 2024

India’s steel production increases, exports and imports remain imbalanced

Tuesday, November 5, 2024

Appointment from Dealer Holding! Mehmet Fatih Gökçe became CSO

Tuesday, November 5, 2024

China's steel demand expected to increase: PMI data support production

Tuesday, November 5, 2024

Saarstahl Rail awarded as “2024 sustainability champion”

Tuesday, November 5, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now